Property Type

SRS Secures $6.5M Acquisition Loan for Mimi’s Plaza in Tustin, California

by Amy Works April 10, 2019

TUSTIN, CALIF. — SRS Real Estate Partners has secured a $6.5 million loan for the purchase of Mimi’s Plaza, a retail center located at 13911, 13931 and 13951 Carroll Way in Tustin. Built in 1990 and situated on 2.4 acres, the three-building property features 30,795 square feet of retail space. At the time of financing, the property was fully occupied. Ben Townsend and Matt Marlin of SRS’s Debt & Equity team structured the non-recourse, five-year loan on behalf of an out-of-state private investor. The loan features a 4.65 percent fixed interest rate and a 30-year amortization.

April 10, 2019

Acquisitions Midwest Ohio Retail

VICI Properties to Acquire Jack Cincinnati Casino for $745M, Lease to Hard Rock

by Kristin Harlow April 10, 2019

CINCINNATI — VICI Properties Inc. (NYSE: VICI), together with a subsidiary of Hard Rock International, has entered into a definitive agreement to acquire the Jack Cincinnati Casino in downtown Cincinnati for approximately $745 million. VICI Properties will acquire 100 percent of the membership interests of a subsidiary of Jack Cincinnati that owns the land and real estate assets of the casino for $558 million. Hard Rock will acquire the operating assets of Jack Cincinnati for $187 million. Simultaneous with the transaction, VICI will enter into a triple-net-lease agreement with Hard Rock. Jack Cincinnati opened in 2013 and features 100,000 square feet of gaming space with approximately 1,800 gaming machines and 100 table games. The property also contains 33,000 square feet of meeting space, six restaurants and two bars. The transaction is expected to close late this year. Goldman Sachs & Co. LLC is serving as financial advisor and Kramer Levin Naftalis & Frankel LLP is serving as legal advisor to VICI.

April 10, 2019

Development Midwest Mixed-Use Ohio

Nationwide Realty Investors Unveils Plans for Additional Development at Grandview Yard in Columbus

by Kristin Harlow April 10, 2019

COLUMBUS, OHIO — Nationwide Realty Investors has unveiled plans for additional development at Grandview Yard, a mixed-use project in Columbus. Construction has begun on a new two-story, 34,000-square-foot office building on the north side of Goodale Boulevard. Columbus-based law firm Carlile Patchen & Murphy LLC will occupy approximately 17,000 square feet on the second floor. Completion is slated for spring 2020. Nationwide also has plans for The Junction, a three-building townhome development comprising 20 two-story residences. Townhome residents will have access to The Yard Club, Grandview Yard’s residential amenity building and clubhouse featuring a pool, fitness center and community room, as well as a mix of retail and dining options. When fully complete, Grandview Yard will encompass 1.2 million square feet of office, restaurant, retail and hospitality space as well as parks and approximately 1,500 residential units.

April 10, 2019

Acquisitions Midwest Missouri Multifamily

Hamilton Zanze Acquires 420-Unit Apartment Property in Metro Kansas City

by Kristin Harlow April 10, 2019

INDEPENDENCE, MO. — Hamilton Zanze has acquired Cornerstone Apartments in Independence near Kansas City for an undisclosed price. Built in 2004, the 420-unit apartment property features 14 buildings. Community amenities include a fitness center, indoor-outdoor pool and spa. Hamilton Zanze plans to upgrade the business center and clubhouse as well as add a dog park and package storage system. Mission Rock Residential will manage the property. The seller was not disclosed.

April 10, 2019

Development Industrial Midwest Wisconsin

Zilber to Develop Two Industrial Facilities Totaling 403,021 SF in Metro Milwaukee

by Kristin Harlow April 10, 2019

GERMANTOWN, WIS. — Zilber Property Group has unveiled plans to develop two speculative industrial facilities totaling 403,021 square feet in Germantown, a northwest submarket of Milwaukee. The buildings will be situated within the newly constructed Germantown Gateway Corporate Park. Currently, a 706,000-square-foot distribution facility occupied by Wauwatosa-based Briggs & Stratton Corp. anchors the business park. The new facilities will feature clear heights of 30 feet, LED lighting and ESFR sprinkler systems. A timeline for development was not disclosed.

April 10, 2019

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $1.9M Sale of Bank Ground Lease in Des Plaines, Illinois

by Kristin Harlow April 10, 2019

DES PLAINES, ILL. — Marcus & Millichap has brokered the $1.9 million sale of a Fifth Third Bank ground lease in Des Plaines. The 4,224-square-foot building is located at 510 Metropolitan Way. Austin Weisenbeck and Sean Sharko marketed the property on behalf of the seller. An outside broker represented the out-of-state, 1031 exchange buyer.

April 10, 2019

Development Industrial Texas

Duke Realty to Develop 433,200 SF Spec Industrial Project in Houston

by Taylor Williams April 10, 2019

HOUSTON — Indianapolis-based REIT Duke Realty (NYSE: DRE) will develop Clay 99 Building 5, a 433,200-square-foot speculative industrial project in Houston. The property, which will be marketed to logistics users, will be situated on 23.7 acres just off Grand Parkway at the intersection of Clay and Peek roads on the city’s northwest side. Building features will include 36-foot clear heights, 190-foot truck courts on both sides, 347 automobile parking spaces and 100 trailer parking spaces. Delivery is slated for February 2020.

April 10, 2019

Brooks-Corner-Shopping-Center-San-Antonio

Acquisitions Retail Texas

REATA, Stonefield Acquire 173,041 SF Shopping Center in San Antonio

by Taylor Williams April 10, 2019

SAN ANTONIO — A joint venture between REATA Real Estate Services and Stonefield Investment Advisors has acquired Brooks Corner Shopping Center, a 173,041-square-foot retail power center located at the northwest quadrant of SE Military Drive and Interstate 37 in San Antonio. The property was built in 2005 and was 96 percent leased at the time of sale to an array of national tenants, including Ross Dress for Less, Petco, Conn’s HomePlus and Dollar Tree. Brooks Corner is also shadow-anchored by H-E-B, Home Depot and Target. The seller was InvenTrust Properties, an Illinois-based retail REIT. The sales price was not disclosed. The new ownership will also assume leasing and management of the center.

April 10, 2019

Development Industrial Self-Storage Texas

Jenkins Organization to Develop 728-Unit Self-Storage Facility in Austin

by Taylor Williams April 10, 2019

AUSTIN, TEXAS — The Jenkins Organization, a Houston-based developer and operator of self-storage properties, will build a 728-unit facility in the Oak Hill neighborhood of Austin. The company recently closed on the land for the 123,000-square-foot facility and expects to complete the project by September of this year. The facility will offer both climate- and non-climate-controlled units, as well as covered loading zones, gated security entry and electronic security monitoring throughout.

April 10, 2019

Acquisitions Retail Texas

HFF Negotiates Sale of 136,553 SF Retail Center in Metro San Antonio

by Taylor Williams April 10, 2019

LIVE OAK, TEXAS — HFF has negotiated the sale of Gateway Plaza, a 136,553-square-foot retail center located along Loop 1604 in the northeastern San Antonio suburb of Live Oak. Anchored by Burlington, the property was 98 percent leased at the time of sale to tenants such as Goodwill, Laser Legend, Furniture Now and Great Clips. John Taylor, Drew Fuller, Josh Villarreal and Kyle Shaffer of HFF marketed the property on behalf of the seller, Los Angeles-based private investment firm Tryperion Partners, in the transaction. The buyer was San Antonio-based Nooner Holdings.

April 10, 2019

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